Limuru Tea has posted a 93 percent drop in its pre-tax profit to 678,000 shillings for the six months to June down from 9.3 million shillings in the same period last year.

The tea grower says in a statement that half-year earnings were hurt by lower output of  black tea which fell 3 percent to 230,728 kilograms from January to June last this year.

“Crop volumes in the half year June 2012 are lower than in the first half of 2011 due to reduced rainfall between February and April 2012.” the company said, adding that resulting dryness led to frost damage of tea bushes hence the lower volumes.

Limuru Tea’s earnings have also fallen on inflated costs and a “different phasing of fertilizer expenditure” but the unaudited statements do not include the costs incurred during the six month period. Revenue is down 8 percent to 33 million shillings from 36 million mid last year.

Limuru Tea is one of the highest priced shares in the Kenyan stock market at KES 450 where is has been since mid-June this year. The company projects an average financial year for 2012 if weather and market conditions improve.